Morningstar DBRS Discontinues Credit Ratings on TDA Sabadell RMBS 4, Fondo de Titulización

DBRS Ratings GmbH (Morningstar DBRS) discontinued its credit ratings on the Class A and Class B Notes (together, the rated notes) issued by TDA Sabadell RMBS 4, Fondo de Titulización.

The discontinuation reflects the full repayment of the Class A Notes following the exercise of the early liquidation event on the 14 February 2025 payment date. Prior to their repayment in full, the credit ratings and the outstanding principal balances of the rated notes were as follows:

-- Class A Notes rated AA (sf); EUR 2,435,509,755.00
-- Class B Notes rated BBB (high) (sf); EUR 570,000,000.00

The principal methodology applicable to the credit ratings is : "Master European Structured Finance Surveillance Methodology" (4 February, 2025) https://dbrs.morningstar.com/research/447080.

In Morningstar DBRS' opinion, a Discontinued-Repaid credit rating action does not warrant the application of the entire principal methodology.

For details on analytical and regulatory disclosures please refer to the latest rating action press release published for this transaction: https://dbrs.morningstar.com/research/443575.

Lead Analyst: Baran Cetin, Senior Analyst
Rating Committee Chair: Ketan Thaker, Managing Director
Initial Rating Date: 29 November 2017

DBRS Ratings GmbH
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60311 Frankfurt am Main Deutschland
Tel. +49 (69) 8088 3500
Geschäftsführer: Detlef Scholz
Amtsgericht Frankfurt am Main, HRB 110259

A description of how Morningstar DBRS analyses structured finance transactions and how the methodologies are collectively applied can be found at: https://dbrs.morningstar.com/research/439604.

For more information on this credit or on this industry, visit dbrs.morningstar.com or contact us at info-DBRS@morningstar.com.